Are there any specific grace period limits in the State of Ohio. We have always used 15 days for primary real estate and 10 days for everything else, but I need to know if those are just common practices or regulations. Thanks in advance for your help.

I'm curious about this, too. Does anyone have any input?

I believe it is a common courtesy practice, not a legal requirement.
In fact, several banks in southwest Ohio are now giving no grace period on loan payments on commercial loans. Payments are due on the due date and penalties are assessed the next day. If they can't make a payment on its due date it tells you something about the business!

it may be a consumer law that does not apply to commercial/business loans.

I believe that for junior lien mortgage loans, a late payment fee of $15 or 5%, whichever is greater, can be charged after 10 days past due (assuming the contract provides for it. Other than that, I'm not aware of any restrictions or requirements concerning late fees in Ohio.

At an Ohio bank I once worked for, we got an opinion from our counsel about late fees for consumer loans. The Ohio Retail Installment Sales Act (at the time) set a 10-day grace period for so-called three-party indirect loans, while Ohio's version of the UCC required a "reasonable" time (or similar language). As our attorney told us, since ORISA sets 10 days as its standard, that seems "reasonable" & probably a good yardstick to use for other consumer loans.

This was 20+ years ago, so the law may have changed -- check with your legal counsel or look up the current law thru www.ohio.gov.